Multiple Choice
Assume that all firms in this industry have identical cost functions. 
When price is $15 in this industry,
A) the industry is in its long run equilibrium.
B) it is because supply has shifted from Supply B to Supply A because firms that were not making a profit left the industry.
C) new firms will be expected to enter.
D) all firms are making zero economic profits.
Correct Answer:
Verified
Correct Answer:
Verified
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